JP Morgan CEO Jamie Dimon has told shareholders that AI can have a profound impact on society, including helping cure serious diseases like cancer. In his latest annual letter, Jamie Dimon called AI as a “transformational” technology that is being adopted much faster than past innovations such as electricity or the internet. Dimon highlighted that while the full impact of AI is still unfolding, its potential is vast — from improving productivity to advancing science and healthcare. “I do not think it is an exaggeration to say that AI will cure some cancers,” Jamie Dimon said, adding that it could also help people live longer and safer lives.

10 things CEO of America’s largest bank JPMorgan told shareholders on AI

AI is transformational and adoption will be fastJamie Dimon said AI is a major technological shift, and its adoption will likely happen much faster than earlier innovations. “The importance of Al is real — and while I hesitate to use the word transformational — it is. The pace of adoption will likely be far faster than prior technological transformations, like electricity or the internet. Those took decades to roll out, but this implementation looks likely to accelerate over the next few years,” he said in the letter.JPMorgan will actively use AI“We will not put our heads in the sand,” Jamie Dimon said, adding that the bank will use AI to improve services for customers and employees.AI will impact every part of businessIn the annual letter to shareholders, Jamie Dimon noted that AI will affect “virtually every function, application and process” in the company.“Al will affect virtually every function, application and process in the company. And in the long run, it will have a huge positive impact on productivity,” he said.AI could cure diseases like cancer“I do not think it is an exaggeration to say that AI will cure some cancers,” he said, highlighting its role in healthcare and science.AI will improve productivity and quality of lifeAI could reduce the workweek, increase productivity and help people “live longer and safer,” Jamie Dimon said.The future of AI is uncertainDimon said it is still unclear how AI will evolve, with different models and technologies competing in the space. “We do not yet know exactly how Al will unfold. The landscape will change rapidly, with shifting assumptions about power consumption, costs, chip technologies and the speed at which data centers are deployed,” he said. “There will be a wide variety of Al models — open and closed, large and small — and no single tool will dominate. Overall, the investment in Al is not a speculative bubble; rather, it will deliver significant benefits. However, at this time, we cannot predict the ultimate winners and losers in Al-related industries,” he added.AI is not a bubbleHe stressed that current investments in AI are not speculative and will deliver real benefits. “Al is a genuine technological shift that will impact many sectors, including physical industries and scientific research. Al is only beginning to be applied broadly in science, and its influence will continue to expand,” Dimon said.There are real risks, including deepfakes and cyber threatsIn the letter, Jamie Dimon warned that AI will bring challenges such as misinformation and cybersecurity risks, but said they are manageable. “Al will also introduce serious new risks — from deepfakes and misinformation to cybersecurity vulnerabilities,” he said. Calling these risks “real”, Dimon said that “they are manageable if companies, regulators and governments prepare”. “The worst mistakes we can make are predictable: overreact at the first serious incident and regulate out important innovation or underreact and fail to learn from what went wrong,” he stated.AI will both eliminate and create jobs“AI will definitely eliminate some jobs, while it enhances others,” he said, adding that new roles will also emerge.Society must prepare for long-term impact of AIDimon said governments and companies must support reskilling and be ready for broader changes, including second- and third-order effects that could reshape society.

“We have focused on some of the “known and predictable” and some of the “known unknown” events. But huge technological shifts like Al always have second- and third-order effects as well that can deeply impact society. Some of these are, for example, cars bringing about the development of suburbs and shopping malls; agriculture enabling cities; and the original internet (invented back in 1969) leading to mobile phones, apps and social media. We should be monitoring for this kind of transformation, too,” Jamie Dimon said in the shareholder letter..